Fred Alger Management LLC Has $2.49 Million Stock Holdings in Procore Technologies, Inc. (NYSE:PCOR)

Fred Alger Management LLC reduced its holdings in shares of Procore Technologies, Inc. (NYSE:PCOR) by 43.3% in the 4th quarter, Holdings Channel.com reports. The fund owned 33,220 shares of the company’s stock after selling 25,402 shares during the period. Fred Alger Management LLC’s holdings in Procore Technologies were worth $2,489,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Frontier Capital Management Co. LLC bought a new stake in shares of Procore Technologies in the 4th quarter valued at about $20,370,000. Circle Wealth Management LLC boosted its stake in shares of Procore Technologies by 21.8% during the 4th quarter. Circle Wealth Management LLC now owns 6,810 shares of the company’s stock worth $510,000 after acquiring an additional 1,219 shares during the period. Durable Capital Partners LP bought a new stake in Procore Technologies in the 4th quarter valued at $33,726,000. Concentric Capital Strategies LP acquired a new stake in Procore Technologies during the 4th quarter valued at $5,750,000. Finally, Cetera Investment Advisers boosted its position in Procore Technologies by 497.0% during the fourth quarter. Cetera Investment Advisers now owns 34,871 shares of the company’s stock worth $2,613,000 after purchasing an additional 29,030 shares during the period. 81.10% of the stock is owned by institutional investors.

Analyst Ratings Changes

PCOR has been the subject of several research reports. Barclays raised their price objective on shares of Procore Technologies from $70.00 to $72.00 and gave the stock an “equal weight” rating in a research report on Friday, May 2nd. Scotiabank lowered their price objective on Procore Technologies from $95.00 to $75.00 and set a “sector outperform” rating on the stock in a research report on Thursday, April 24th. Canaccord Genuity Group upped their price target on shares of Procore Technologies from $83.00 to $97.00 and gave the company a “buy” rating in a research note on Friday, February 14th. KeyCorp dropped their price objective on shares of Procore Technologies from $96.00 to $77.00 and set an “overweight” rating for the company in a research note on Monday, April 21st. Finally, DA Davidson decreased their target price on shares of Procore Technologies from $80.00 to $60.00 and set a “neutral” rating on the stock in a research report on Monday, April 14th. Four research analysts have rated the stock with a hold rating, thirteen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Procore Technologies presently has a consensus rating of “Moderate Buy” and a consensus price target of $80.24.

Insider Buying and Selling at Procore Technologies

In other Procore Technologies news, insider Benjamin C. Singer sold 6,937 shares of the company’s stock in a transaction dated Friday, February 21st. The shares were sold at an average price of $83.60, for a total transaction of $579,933.20. Following the sale, the insider now directly owns 72,110 shares of the company’s stock, valued at $6,028,396. This represents a 8.78 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, major shareholder Iconiq Strategic Partners Ii, sold 1,074 shares of the business’s stock in a transaction that occurred on Wednesday, February 19th. The shares were sold at an average price of $87.40, for a total transaction of $93,867.60. Following the completion of the sale, the insider now directly owns 200 shares in the company, valued at approximately $17,480. This trade represents a 84.30 % decrease in their position. The disclosure for this sale can be found here. Insiders have sold a total of 54,142 shares of company stock worth $4,053,807 over the last three months. 29.00% of the stock is currently owned by insiders.

Procore Technologies Stock Performance

PCOR stock opened at $65.62 on Friday. The business has a 50 day moving average of $64.84 and a 200-day moving average of $72.29. The firm has a market cap of $9.79 billion, a PE ratio of -91.14 and a beta of 0.90. Procore Technologies, Inc. has a 12-month low of $49.46 and a 12-month high of $88.92. The company has a quick ratio of 1.57, a current ratio of 1.57 and a debt-to-equity ratio of 0.03.

Procore Technologies (NYSE:PCOR) last released its earnings results on Thursday, May 1st. The company reported $0.23 EPS for the quarter, topping analysts’ consensus estimates of $0.17 by $0.06. The company had revenue of $310.63 million for the quarter, compared to analysts’ expectations of $302.66 million. Procore Technologies had a negative return on equity of 5.10% and a negative net margin of 9.20%. The business’s revenue for the quarter was up 15.3% compared to the same quarter last year. During the same period in the previous year, the business posted $0.30 EPS. As a group, sell-side analysts expect that Procore Technologies, Inc. will post -0.15 earnings per share for the current year.

Procore Technologies Profile

Procore Technologies, Inc engages in the provision of a cloud-based construction management platform and related software products in the United States and internationally. The company’s platform enables owners, general and specialty contractors, architects, and engineers to collaborate on construction projects.